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* Rs. 44.5 million fraud at Lanka Canneries is being investigated by CID
Tue, Feb 12, 2013, 12:10 am SL Time, ColomboPage News Desk, Sri Lanka.

Feb 11, Colombo: A financial fraud that has taken place at the Lanka Canneries to the tune of Rs. 44.5 million is being investigated by the Criminal Investigations Department (CID) of police, the company authorities said.

Hunter & Company, the parent company of Lanka Canneries, informed the Colombo Stock Exchange (CSE) that a forensic audit performed by the KPMG has discovered the fraud amounting to Rs. 44.5 million.

Lanka Canneries is in the process of making a complaint to the CID and will take action against those responsible, the statement said. It added that every effort will be taken to recover the funds misappropriated.

Lanka Canneries, the former Marketing Department, establishment is a 90% owned subsidiary of Health & Company which in turn is a 90.9% subsidiary Hunter & Company.

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